Flexjet, the globe's second-largest private aviation firm, has achieved a valuation of approximately $4bn (£2.9bn) following the completion of $800m in fresh investment.
The American company's most recent financing round was spearheaded by private equity heavyweight L Catterton – which receives backing from luxury conglomerate LVMH, as reported by .
Additional supporters of the funding include KSL Capital Partners and J. Safra Group.
Investment banks Jefferies, Morgan Stanley and Goldman Sachs provided advisory services to Flexjet.
The company operates under the chairmanship of American aviation entrepreneur Kenn Ricci, who serves as principal of Directional Aviation Capital.
He commented: "L Catterton, with its special relationship with LVMH and its family of brands, provides the perfect opportunity for collaborating in areas such as consumer insights, brand strategies, retail expansion, and luxury product delivery."
The business maintains its headquarters in the United States, commenced operations in 1995 and maintains ownership of over 270 aircraft and 19 helicopters worldwide.
Since 2021, Flexjet has delivered its fractional ownership and access services across the º£½ÇÊÓƵ and Europe through Red Label by Flexjet.
The European fleet encompasses the Gulfstream G650, Praetor 600 and the Sikorsky S-76 helicopter.
Flexjet º£½ÇÊÓƵ cuts º£½ÇÊÓƵ losses as sales take off
City AM reported in August 2024 that Flexjet's º£½ÇÊÓƵ operation boosted revenues whilst reducing its pre-tax deficit throughout 2023.
The London-headquartered division, which participates in the fractional ownership sector, recorded revenues of £40.9m for 2023, rising from £38.4m in 2022. Companies House records have revealed that its pre-tax loss decreased from £15.4m to £14.2m over the same period.
Flexjet attributed the reduction in its pre-tax loss primarily to an increase in turnover and improved margins.
The firm's º£½ÇÊÓƵ turnover saw a rise from £21.6m to £22m, while it increased slightly from £12m to £12.5m across the rest of Europe.
Turnover also experienced growth in other global markets, rising from £5.1m to £6.2m.
Over the course of the year, the average number of employees within the division expanded from 32 to 48.
Flexjet's º£½ÇÊÓƵ accounts for 2024 are set to be submitted to Companies House by the end of September.
